Bitmine Buys More Ethereum as Holdings Approach 5% Supply Goal

Bitmine Immersion Technologies kept its weekly Ethereum buying streak intact by acquiring 8,573 ETH valued at approximately $19 million. The latest purchase pushes the NYSE-listed firm's total treasury to 6,060,506 ETH, worth roughly $13.7 billion based on a reference price of $2,261 per coin. With this accumulation, public records show that bitmine buys more ethereum and is now sitting at 4.9% of the entire 122.2 million token supply, reaching 99% of its stated objective to own 5% of the network within 15 months of launching the treasury strategy.

Most of the discussion surrounding the company's update involved remarks from Chairman Tom Lee concerning the recent multi-billion-dollar breach at Binance, which has been attributed by the FBI to North Korea. Lee acknowledged the event as a severe security incident but argued that the market reaction was notably muted compared to previous exploits. When North Korea-linked hackers targeted Bybit earlier in the year, Ethereum dropped significantly faster and deeper than the modest 4% slide observed after the Binance breach.

Bitmine nears its 5% Ethereum supply target while executives point to market resilience following major exchange hacks.

Lee attributed the limited downside to several factors, including Binance covering customer losses, the absence of widespread DeFi failures, quick industry intervention to minimize potential damage, and the rapid attribution by federal authorities. He also noted that the exploit targeted corporate infrastructure rather than a fundamental blockchain flaw, viewing the overall market response as an indicator that a broader crypto bull market remains active.

Beyond its core Ethereum holdings, Bitmine reported total reserves valued at $14.5 billion as of November 1. This broader portfolio includes 216 Bitcoin, hundreds of millions in cash and marketable securities, and strategic stakes in Beast Industries and Eightco Holdings. The firm maintains its status as the world's largest corporate Ethereum holder and the second-largest digital asset treasury globally behind Strategy, which holds a massive Bitcoin reserve.

Why it matters

The ongoing accumulation by corporate treasuries highlights shifting institutional involvement in digital assets. For market observers and regional participants, the steady expansion of massive corporate holdings underscores how major firms manage large-scale digital reserves and interact with evolving network staking ecosystems.